Personal Finance Society: Debt a Ticking Time Bomb in 2018

Britons are sitting on a “ticking time bomb” of personal debt that could finally explode in 2018 after years of excessive borrowing. Debt has hit a 30-year high and threatens to push millions into the abyss, according to a new report from the Personal Finance Society (PFS).

Total consumer debt hit £200billion in December according to credit ratings agency Standard & Poor’s.

PFS chief executive Keith Richards said this is becoming unsustainable: “Borrowing levels are at a high not seen since the late 1980s, when consumers became so mired in debt that record numbers of personal bankrupticies and home repossessions took place.”